The Financial Conduct Authority (FCA) has admitted it does not have sufficient resources to monitor every firm individually but said it was using artificial intelligence to identify issues in the market.
In a consultation on its future mission, the regulator said new forms of technology allowed it to evaluate the data it collects from the industry in order to identify risk and specific targets for monitoring. This includes complaints data and firms' returns, such as advisers' Retail Mediation Activities Returns. It said: "We do not have, or aim to have, sufficient resources to monitor every firm individually, though improvements in data science are improving our targeting of individual firms for individual attention. "It does not, however, mean that these firms will not hear from the ...
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